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Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

AI comes in many forms

AI is broadly divided into machine learning and deep learning. These then have further subcategories such as natural language processing, computer vision, robotics, and more. Machine learning constitutes the most basic and simple AI form. Programs operating on machine learning are given a very clear set of parameters to use in interactions with humans and are limited in scope. It is also the most common form of AI, used in basic chat assistants, apps, voice commands, and other limited engagements.Deep learning is closer to what a person would imagine from AI. In deep learning programs, AI has initial parameters and datasets but can integrate user information as it interacts with humans. In this way, the AI learns as it is used, becoming more sophisticated in the process. Recent examples of advanced deep learning programs are OpenAI’s ChatGPT and Google’s Bard.

Generative AI has entered the field

A new trend in AI development surged into the limelight at the end of 2022 in the form of generative AI. Although not being strictly new, with such programs already appearing over the last five years, advancement in this field have been staggering. Generative AI refers to programs that can, as the name suggests, generate text, images, music, and more. Driven by the release of ChatGPT-3 in late 2022, the field has drawn in Google, Microsoft, Amazon, and recently, Elon Musk’s X as well. All are competing in the development of the most advanced generative AI through a variety of startup companies. The advancement in this case is not without its flaws as generative AI companies have been accused of training their AI models on copyrighted texts and images, snubbing writers and artists.

The AI train steams ahead

With the advancements in deep learning and machine learning, coupled with the immense effect such programs may have on the global economy, it is to be expected that AI will be in continuous competitive development in all advanced economies. Any company looking to leverage an advantage on its competitors would do well to engage early so as not to be left behind.

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